Chapter 10.3, Problem 38E

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11th Edition

Ronald J. Harshbarger + 1 other

ISBN: 9781305108042

Textbook Problem

The monthly demand function for *x* units of a product sold by a monopoly is

(a) Determine the quantity that will maximize profit.

(b) Determine the selling price at the optimal quantity.

(c) Determine the maximum profit.

**(a)**

To determine

**To calculate:** The quantity that will maximize profit if the monthly demand function for

Explanation

**Given information:**

The provided information is:

The monthly demand function for

**Formula used:**

The total profit function is:

Where

**Calculation:**

Consider the provided information,

The monthly demand function for

Total cost function can be written as:

Total revenue function can be written as:

Demand function is defined as:

Now find out the profit function as:

**(b)**

To determine

**To calculate:** The selling price at the optimal quantity if the monthly demand function for

**(c)**

To determine

**To calculate:** The maximum profit if the monthly demand function for

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